iran-china

China trade works out to Iran advantage

Many Iranians think China is exploiting the void left by the exit of international conglomerates and dumping its shoddy products on the market.

An official, however, has a point to talk the public out of the thought. The annual balance of trade, standing at $50 billion, is in fact in Iran’s favor and counting, deputy head of the Iran-China Chamber of Commerce Majid Reza Hariri said.

This positive balance is on course to improve once the two countries’ target to double their trade materializes, he told the Fars news agency.

“Some people think we are merely an importer of Chinese goods. However, apart from oil and petrochemical exports to China, we are exporting a good deal of sweets, chocolates, hand- and machine-made carpets, hides, dried fruits, saffron and pistachios to China,” Hariri said.

The official said Iran is also exploring new niche markets for exports of its goods to China.

Chinese products have taken the Iranian by storm since the Europeans and the US intensified their sanctions on the country.

China’s car manufacturers are asserting their presence in Iran, which offers extraordinary opportunities for international automakers.

But a recent thaw in nuclear negotiations between Iran and the West has put the Chinese on the edge.

“Over the past year, the Chinese were worried that an agreement between Iran and the P5+1 could turn the Iranian traders and politicians to the European market for business. But those fears have been eased to a great extent after assurances given by the Iranian president and oil minister,” Hariri said.

The economy of Iran and China are complementary, the official said.

Hariri says the two countries have located a site in Bandar Jask in southern Iran to establish a joint industrial town.

By Press TV